Sometimes the answer isn’t inventing the coolest new idea but rather drastically improving and reimagining an existing technology or business.
Robert Scoble posted a recent interview with UK-based search technology company, PrismaStar – discussing their new offering AnswerOil. In simple terms, AnswerOil makes searching for products within an ecommerce environment MUCH easier – and has led to 30-40% increases in conversion (i.e. the percentage of website visitors who go on to buy) as a result.
It’s also pretty slick looking too.
The video above (via Building 43) does a much better job of explaining it but in short, AnswerOil allows users to define – and prioritise – multiple variables in their search criteria – criteria which extend well beyond simple categorisation.
In the example shown in the video, a user can search for the cheapest, thinnest, red or pink camera from a list of over 500 models. If then for example, price is most important to you, you can make that the priority by adjusting a simple slider.
If customers can find what they want more accurately – and faster – then they have less incentive to go elsewhere to look for it. That’s not only great for online retailers but should also be an ideal fit for comparison sites (where for example, you could define and prioritise the criteria of your credit card or airline ticket).
Perhaps most intriguingly, AnswerOil can also provide site owners with information not only about what people search for and bought, but also why they did and what features / factors were important to them.
If the improved metrics of their initial rollout continue to standup, expect to see this technology become the industry standard in ecommerce and potentially beyond. In fact, for more universal search services (i.e. Google or Bing), the ability for users to create priorities – and for site owners and advertisers to understand their actions – could be a game changer.
Site: www.prismastar.com
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{ 2 comments… read them below or add one }
this Answeroil hasn’t helped Jessops at all and it’s been there over a year – Jessops post more losses – Maybe that’s why Microsoft didn’t buy? http://www.mirror.co.uk/news/city-news/2009/08/20/jessops-lose-focus-as-profits-drop-again-115875-21610489/
The Answeroil patents are not valid outside of the USA, and even then – prior art exist which may invalidate the USA patent see the free flash interdependent proportional sliders here for download: http://www.senocular.com/flash/source.php?id=0.120